Zurich Insurance is set to expand its workforce in India by 40% within the coming three years, with 600 hires, reported Bloomberg.
In an interview with the news agency, Zurich CEO for Asia-Pacific, Tulsi Naidu, described India as a “super important, super attractive market” and expressed the company’s intent to grow “across the board”.
“India will soon be the world’s third largest economy, the largest working age population, the biggest middle class amongst emerging markets, the strongest route of growth in the G-20 for insurance,” Naidu was quoted as saying.
She noted that there is scope for the company to expand in the commercial, small and medium enterprise, assurance, auto and general insurance spaces.
“The penetration level for general insurance in India is a quarter of the world average,” Naidu said. “We see the development of digital as one of the things that is a big enabler in terms of insurance access.”
Last week, the company closed its Rs55.6bn ($670m) acquisition of a 70% stake in Kotak General Insurance.
This made Zurich Insurance the first foreign insurer to enter the Indian market following the easing of foreign direct investment limits in 2021.
The Swiss company’s Indian business, which currently employs 1,500 people, plans to expand its digital development, commercial insurance underwriting, distribution, and product and proposition development.
Zurich Insurance’s presence in the Asia-Pacific region now spans eight markets.
In a separate development, Zurich North America appointed James Bracken as chief financial officer, effective 1 July 2024.
Bracken, who has worked for more than 25 years in the financial services realm, will replace Peter Hirs, who is set to return to Zurich Insurance in Switzerland as group head of mergers and acquisitions.
Bracken’s previous roles include CEO at Fortitude Re and CFO at AIG General Insurance.
In the new role, he will be responsible for overseeing various financial operations, and based at the company’s headquarters in Schaumburg, Illinois, US.
